Macroeconomics & monetary theory

書誌事項

Macroeconomics & monetary theory

Harry G. Johnson

Aldine Transaction, 2006

  • : pbk

タイトル別名

Macroeconomics and monetary theory

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注記

Originally published: Hawthorne, N.Y. : Aldine Pub., 1972

Includes bibliographical references (p. 198-210)

内容説明・目次

内容説明

Macroeconomics is an outgrowth from the main stream of classical monetary theory following Keynes. Keynes changed the emphasis from determination of the level of money prices to determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory. The tendency of the past twenty-five years has been to reintegrate Keynesian and classical monetary theory into one general system of analysis. Moreover, as inflation has succeeded mass unemployment as a major policy problem, interest in classical monetary theory has revived, while Keynesians have increasingly' emphasized the monetary aspects of Keynesian theory. The proper contemporary distinction is not between two separate branches of economic theory, but between two areas of application or contexts of the theory of rational maximizing behavior. In the one (the microeconomic) context, it is assumed either that the overall workings of the economic system can be disregarded, or that the macroeconomic relationships are in full general equilibrium. In the other (the macroeconomic) context, it is assumed that the maximizing decisions of individual economic units (firms and households) will not necessarily add up to a macroeconomic equilibrium, but will produce a disequilibrium situation that will in the course of time produce changes in the individual decisions.

目次

Part I Macroeconomics, Part II The Demand for Money, Part III Integration of Monetary and Value Theory, Part IV Empirical Work in Monetary Economics, Part V Some Major Policy Issues, Appendix

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詳細情報

  • NII書誌ID(NCID)
    BA7889335X
  • ISBN
    • 0202308650
  • LCCN
    2006044626
  • 出版国コード
    us
  • タイトル言語コード
    eng
  • 本文言語コード
    eng
  • 出版地
    New Brunswick, N.J.
  • ページ数/冊数
    213 p.
  • 大きさ
    23 cm
  • 分類
  • 件名
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